Key Takeaways:
- Pave reaches a landmark 450,000 users, a response to the escalating cost of living crisis.
- The app’s success is marked by a 13% user increase and 600,000 downloads, as households seek better credit options.
- Pave’s unique features, including insights from both Equifax and TransUnion, revolutionize credit score management in the UK.
Pave: A Beacon of Hope in Tough Times
Amidst the rising cost of living in the UK, over 450,000 people have turned to Pave, a credit builder app, in their quest to improve credit scores and access to credit. This significant milestone indicates a shift in consumer behavior, with people increasingly reliant on credit for daily expenses such as utility bills and food. Pave’s user base has seen a substantial 13% increase from 400,000 in January 2023, signaling the growing importance of credit in the current economic landscape.
The Surge in App Popularity
The Pave app has not only gained users but also witnessed a remarkable rise in downloads, reaching nearly 600,000 across the UK. This 11% increase over the past 12 months, up from 540,000 downloads at the start of 2023, reflects the urgent need for households to maximize their borrowing options. Impressively, over 90% of Pave Plus customers who follow the app’s advice and tips see their credit score improve within six months.
Pave’s Innovative Features: A Game-Changer
Pave recently enhanced its app functionality, becoming the first in the UK to provide users with insights into their credit scores from both Equifax and TransUnion. This feature, in addition to reporting their credit line to all three UK credit agencies, empowers users with a comprehensive view of their credit scores and helps improve them across the board.
A Year of Success and Expansion
The past 12 months have been a period of significant achievement for Pave. Key developments include expanding its B2B AI credit decisioning tool, Fuse, and being selected for the Mastercard Start Path Open Banking programme. Additionally, Pave launched new products like Health Signals and an Income Verification Tool for Fuse’s B2B offer, further enhancing lender insights during affordability assessments and lending processes.
Sho Sugihara’s Vision for Financial Empowerment
Sho Sugihara, CEO and Co-Founder of Pave, comments on the current credit landscape: “With reliance on credit spiking but access to loans plummeting, many borrowers are in an impossible situation where they struggle to make ends meet. The Pave app offers a solution for people to regain some control over their finances by increasing their credit scores to ensure they have access to the widest range of affordable credit products possible.” He also emphasizes the need for lenders to improve access to credit and support solutions to prevent long-term debt accumulation among borrowers.
Pave’s Impact on Lending Decisions
Since its launch, Pave has analyzed over 150,000 lending decisions, 1.5 million consumer credit reports, and more than 500 million Open Banking transactions. As a fully regulated credit builder utilizing Open Banking transactions, Pave aims to bring financial equality to millions across the UK, helping consumers build better access to credit.
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